Joe is looking to expand his tiger collection. The market forwhite tigers has the following market demand and market supplyfunctions:
D(P) = 200 − 2P and S(p) = 6P − 120
a. Graph the market supply and demand curves and solve for theequilibrium price and quantity of white tigers. Label your graphand remember to put price on the y-axis.
b. A tax of $10 per tiger is imposed on suppliers. What is thenew market price and quantity as a result of the tax?
c. Find the value of consumer surplus, producer surplus, taxrevenue, and economic welfare after the tax was implemented.
d. Finally calculate the deadweight loss created by the tax
